Common use of Amendments to Assets Clause in Contracts

Amendments to Assets. Insofar as third parties elect to exercise any Right of First Refusal, the Vendor will promptly notify the Purchaser of that exercise. If the notice is received prior to Closing, the Purchaser will proceed only with the acquisition of those interests in the Assets to which those exercised third party Rights of First Refusal do not directly pertain. The value and description of the Assets will be amended under section 1.01, and, the parties will proceed with Closing for those unaffected Assets, with a resultant adjustment of accounts. If the notice is received after Closing, the Purchaser will re-convey those interests to the Vendor, or as the Vendor may direct, free and clear of any encumbrances created by, through or under the Purchaser, upon receipt by the Purchaser of that portion of the Purchase Price allocated to such interests.

Amendments to Assets. Insofar as third parties elect to exercise any Right of First Refusal, the Vendor will promptly notify the Purchaser of that exercise. If the notice is received prior to Closing, the Purchaser will proceed only with the acquisition of the Purchased Percentage of those interests in the Assets to which those exercised third party Rights of First Refusal do not directly pertain. The value and description of the Purchased Assets will be amended under section 1.01, and, the parties will proceed with Closing for those unaffected Purchased Assets, with a resultant adjustment of accounts. If the notice is received after Closing, the Purchaser will re-convey those interests to the Vendor, or as the Vendor may direct, free and clear of any encumbrances created by, through or under the Purchaser, upon receipt by the Purchaser of that portion the Purchased Percentage of the Purchase Price allocated to such interests.